With a recent update on the regulatory classification of stablecoins, Coinhako is ready to reopen full support for USDT and USDC . To help you navigate the latest updates, we have compiled a list of Frequently Asked Questions (FAQs):
**Please note that this only applies to Coinhako Singapore users.
Previously, all UDST and USDC deposits were automatically converted to USD at the prevailing market rate.
Going forward, stablecoin deposits will no longer be automatically converted to USD. If you make a USDT deposit into your Coinhako account, the corresponding amount will show up as your USDT balance in the Superwallet.
You can fund your account in USD by sending USDT or USDC to your Coinhako wallet, then manually selling the tokens for USD.
USDC/USD trades are pegged at a special rate of 1 USDC = 1 USD with 0% trading fees, enabling you to quickly transfer funds in and out of your USD balance.
We currently do not support direct USD withdrawals from Coinhako to your bank account.
If you wish to make a USD withdrawal, you can do so by purchasing USDT/USDC on Coinhako, then sending those tokens to an external wallet.
- USDC may be converted to and from USD at a special, fixed rate of 1 USDC = 1 USD with 0% trading fees.
- USDT and DAI will be priced at the prevailing market rate, with a special 0.3% trading fee.
USDC can be interchanged with USD 1:1 with 0% trading fees.
All other stablecoins-fiat trades (USDC/SGD, USDT/USD, USDT/SGD, DAI/USD & DAI/SGD) will have a fixed lower fee of about 0.3%, as opposed to our typical 0.6% trading fee.
Yes, you can! Simply select USD from the "Currency" drop-down menu when executing a trade on Coinhako.
Yes, please note that the following limits are applicable for USD transactions on Coinhako.
Minimum amount to buy crypto with USD: 0.5 USD per transaction
Minimum amount to sell crypto to USD: equivalent to 0.5 USD per transaction
Currently, we do not support converting USD to SGD.
However, you can purchase cryptocurrencies using USD and then sell them to SGD so that you can withdraw them to your bank account.
USDT and USDC are known as stablecoins — a special kind of cryptocurrency designed to maintain a stable value, in this case equivalent to the US dollar.
Stablecoins can be directly backed by an underlying asset pool, such as USDC and USDT being backed by US dollar reserves, or have its value stabilized by market forces, such as for DAI, an algorithmic stablecoin.
USD is fiat, currency declared to be a country’s (in this case, the USA’s) legal tender. Fiat is not backed by the value of physical commodities like gold or silver. Its value stems from demand and supply, as well the stability of the issuing government.